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profit maximization occurs where a. marginal cost crosses marginal revenue b. marginal cost crosses average revenue...

profit maximization occurs where
a. marginal cost crosses marginal revenue
b. marginal cost crosses average revenue
c. average variable cost crosses average revenue
d. average variable cost crosses marginal revenue

the main difference between the short run and long run is that:
a. firms earn zero profits in the long run
b. the long run always refers to a time period of one year or longer
c. in the long run, only one variable can be fixed
d. in the short run, one or more inputs is fixed
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Answer #1

a ) the profit maximization of the firm will occur at the point where the MR and the MC are equal, the answer is "A", where the MR crosses the MC.

b) "A"

In the long run no variable is fixed and all the firms can enter and exit market as they want.   

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